November 8, 2008
BANGKOK (AFP) - The Thai stock market is expected to rise next week as domestic political tensions subside and amid speculative buying ahead of earnings announcements next week, analysts said.
Third quarter earnings are due out, while anti-government street protests in the capital have eased ahead of the king's sister's funeral next week and his birthday in early December.
"I think the main factor affecting the market next week will be overseas factors such as oil prices, because the domestic political factor is expected to ease off," said Kosin Sripaiboon, chief analyst at UOB Kay Hian Securities.
"I predict the index will move between 440 to 480 points," he said.
Rakpong Chaisuparakul, an analyst at KGI Securities, also expected the Thai bourse to perform well, with the government expected to announce tax cuts to boost the property market.
"On Tuesday (at the weekly cabinet meeting) the government will also push for three city train projects which will be good for the economy," Rakpong said. He forecast the index would push towards 480-points.
The Stock Exchange of Thailand (SET) composite index rose 11.35 percent or 47.28 points over the past week to close Friday at 463.81.
